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25 May 2015
Gold expected to remain above $1201 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, expects Gold to stand supported at $1201.01 in a thin volume trading day ahead.
Key Quotes
“The pair trades in a slim range and edges higher in the Asia largely on the back of a short-covering rally after the recent weakness on a solid USD rebound.”
“In the day ahead, we have a data empty macro calendar with European and US markets closed on account of a national holiday. Hence, XAU/USD is expected to remain supported above 20-DMA located at 1201.01 amid thin volumes and broad US dollar strength.”
“The daily RSI at 51.55 has turned flat to slightly lower, also suggesting limited XAU moves today.”
“To the upside, the pair may advance to test the 5-DMA resistance beyond a break of daily highs at 1205.24.”
“A break above 5-DMA, the pair could to next resistance located at 1211 where 10-DMA lies.”
“Overall, the pair may remain supported so long as it holds above the major 20-DMA support.”
Key Quotes
“The pair trades in a slim range and edges higher in the Asia largely on the back of a short-covering rally after the recent weakness on a solid USD rebound.”
“In the day ahead, we have a data empty macro calendar with European and US markets closed on account of a national holiday. Hence, XAU/USD is expected to remain supported above 20-DMA located at 1201.01 amid thin volumes and broad US dollar strength.”
“The daily RSI at 51.55 has turned flat to slightly lower, also suggesting limited XAU moves today.”
“To the upside, the pair may advance to test the 5-DMA resistance beyond a break of daily highs at 1205.24.”
“A break above 5-DMA, the pair could to next resistance located at 1211 where 10-DMA lies.”
“Overall, the pair may remain supported so long as it holds above the major 20-DMA support.”